Housing sales slow in Montgomery -- Gazette.Net


Housing sales in Montgomery County declined in March from a year earlier, the second consecutive month that sales have gone down from a year earlier.

There were about 700 existing homes sold last month across the county, a drop of 14 percent from a year ago, according to new figures from research firm RealEstate Business Intelligence.

Unseasonably cold weather this winter was a key reason for this year’s slowdown from last year’s more mild winter, said Margaret “Peg” Mancuso, a board member with the Greater Capital Area Association of Realtors and an agent with W.C. & A.N. Miller Realtors in Potomac. But she thought it would be a “fabulous spring.”

More people put their homes on the market in the past few weeks, she said. “They had to wait some to prepare their yards with the continued cold weather in March,” Mancuso said.

Agents are seeing multiple offers in specific areas, including in Bethesda, Potomac and Silver Spring, she said. Homes close to Metro stations and downtown areas are doing particularly well, especially among younger buyers, Mancuso said.

The median sales price of homes sold in Montgomery County increased year-over-year in both January and February. The median price in March was $375,000, the same as a year ago, while the average price rose 2 percent to about $495,000.

A home stays on the market in the county for less than two months before selling.

Last year, the number of existing homes sold in Montgomery eclipsed the 11,000 mark for the first time since more than 13,000 homes were sold in 2006.